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Abstract

Содержание

Introduction

The investment policy, as well as fiscal policy is an integral part of economic policy. Investment policy - is an important lever of influence on the economy of the country, and the business activities of its businesses. Under the investment policy of the state understood as a set of targeted measures to create favorable conditions for all economic entities for the purpose of recovery in investment, economic recovery, improving production efficiency and to solve social problems.

1. Theme urgency

Investment activity in industry coal industry is a set of business and management activities on the use of investment management companies in the area of their resources, contributing to an increase in production and commercial potential as a result of the implementation of specific investment projects and programs. Today, investment activity is the main form of economic strategies, contributing to the successful solution of the tasks facing both particular enterprise, individual regions and the country as a whole. Investment activity is directly dependent on the investment policy of the company, which is part of its overall financial strategy. The relevance of the chosen theme is that the selected type of investment policy and on the tools used in the process of its implementation depends on the efficiency of investment activity of the enterprise and, ultimately, the result of economic activity.

2. Goal and tasks of the research

The purpose of the master's work is the development of investment project management mechanism, the development of coal-mining enterprise. Based on the goal, you need to solve the following problems:

  1. Develop measures to increase coal production at the mine;
  2. To analyze the possibility of attracting equity and debt resources;
  3. The efficiency of the investment project;
  4. Develop an investment project to increase the production capacity of the enterprise through the expansion of extraction front.

Research object: improving the efficiency of coal-mining companies due to the intensification of industrial activity.

Research subject: raising and substantiation of efficiency of investments to enhance production capacity.
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3. Review of research and development

3.1 Classification of investments

Investments – those or other types of intellectual property or property values, which are invested in certain business processes or financial instruments with a view to profit. The main objective of the investment policy is to create optimal conditions for enhancing investment potential. The main areas of investment policy are the arrangements for favorable treatment for the activities of domestic and foreign investors, increase profitability and minimize risks in the interest of sustainable economic and social development, improving people's living standards. The result of the investment policy is evaluated depending on the volume of investment resources involved in economic development. The state can influence the investment activity with the help of an amortization policy, science and technology policy, the policy on foreign investment, and others.[1]

Investment classification scheme

Figure 1 –Investment classification scheme
(animation: 9 frames, 7 cycles, 54,8 kb)

From the above it can be seen that there are different classifications of investments. Real investment (direct purchase of real capital in various forms):

Financial investments (indirect purchase of capital through financial assets):

Speculative investment (purchase of assets solely for the sake of possible changes in price):

For the main investment targets :

In terms of investments :

The form of ownership of investment resources :

According to the method of accounting :

3.2 The main problem of increasing the efficiency of coal enterprises

At this time, the issue of increasing the efficiency of coal-mining enterprises is very serious. One way out of this problem can be considered as attracting investment, so the theme of attracting investment in the coal-mining enterprises the most relevant, due to the fact that the coal industry is in need of modernization, technical re-equipment. The state is not able to implement it fully, therefore, the coal industry is in need of private capital. But the problem is how to attract the attention of investors to the loss-making mine. The situation that prevailed in the Ukrainian coal industry is currently very difficult, and just need to break this vicious circle. Changes and a new approach to solving the problems of the coal industry are needed.[3].

At the moment there are many mines, which at appropriate approach to restructuring could work profitably. Serious problem is the large depreciation of fixed assets. Depreciation of fixed assets for the last 25 years has increased to 70%, and in some cases even more. We need faster growth of capital investments in new technologies, modernization of fixed assets in view of the long investment cycle. This confirms the priority is of direct investments (investments in the statutory fund of the enterprise for profit and to obtain rights to participate in the management of this company). Thus, in the industry we have a situation in which, on the one hand, there is an urgent need for direct investment enterprise, and on the other - an acute shortage of domestic funding sources. In this case, the source of investment can act and speak foreign companies, banks and other financial institutions. But if the risk to which the investor is subject to the national high, the risk of foreign investors is exacerbated by the imperfection of the legislative framework.activity [4] .

Now, many foreign investors are trying to minimize the risks to minimize their presence. This demonstrates the need for greater attention to issues relating to investment, including in the coal-mining industry, on the part of foreign investors. In order to encourage the involvement of private capital in joint stock companies at a serious level needed:

  1. Restructuring of enterprises, their deliverance from the object and subsidiary companies, which can operate independently;
  2. Restructuring of the coal enterprises of debts; · The question of the control package of shares; · Changes in the legal framework (in relation to the laws governing the coal mining issues);
  3. Changes in methodology for assessing the market value of the coal mining companies in the privatization process, which currently does not reflect the specificity of the coal industry
  4. Owners of privatized enterprises should be given a long-term license for coal mining;[5].

The main factor affecting the investment environment is a long payback period. Experience in the implementation of investment projects in the mining industry of developed countries shows that the investment project is starting to pay off after about 5-10 years. These factors impose specific investor requirements for guarantees of its activities from the state. First of all, it guarantees:

The only way an investor can take full responsibility for the consequences of their investment activities. The rights of investors in the mining and sale of mineral resources should not be restricted at all, or limited to reasonable quotas, price controls, government regulation or other means. In terms of operation already explored and existing mineral deposits, the investor must be transmitted exclusively perspective objects. Perspective - these are the mining leases, where the mineral deposits will provide its production for the duration of the investment project.[7]

Conclusion

At the present stage of economic development is an important solution to the problems of the fuel and energy sector, the development of which in the last year has been a sharp decline in production volumes. Among the causes of the crisis the industry can be termed as industry-specific features in the coal-mining enterprises, and causes a national scale. To improve the efficiency of coal-mining enterprises required a comprehensive series of government measures, as well as the involvement of private investors, with the result that the coal industry will come to the path of sustainable development.

References

  1. Акмаев А., Марушкевич И., Белозерцев Р. Планирование добычи угля на шахтах на основе использования метода ограничения // ЭПУ. – 2005. – №1. – Энергоресурсы.
  2. Саламатин А.Г. О ходе реструктуризации угольной промышленности и перспективах ее развития в условиях рыночной экономики. // Уголь. 1999. - №2. - С. 4-8.
  3. Дегтяренко, В.Н. Оценка эффективности инвестиционных проектов / В.Н. Дегтяренко. — М.: Экспертное бюро. — М, 1997. — 144 с.
  4. Амоша А.И., Ильяшов М.А., Салли В.И. Системный анализ шахты как объекта инвестирования. – Донецк: ИЭП НАН Украины, 2002. – 68с.
  5. Игонина, Л.Л. Инвестиции : учеб. пособие/ под ред. Игониной Л.Л., В.А. Слепова - М.: Экономистъ, 2005. - 478 с.
  6. Виленский П.Л. Оценка эффективности инвестиционных проектов. Теория и практика: Учебное пособие - 2-е изд., перераб. и доп. - М.: Дело, 2002 - 888с.
  7. Староверова, Г.С. Экономическая оценка инвестиций: учебное пособие / Г.С. Староверова, А.Ю. Медведев, И.В. Сорокина. - 3-е изд., стер. - М.: КНОРУС, 2010. - 312с.